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sott1967
New Member
United Kingdom
67 Posts |
 Posted - 04 February 2009 : 14:29:31
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hi,
Just been looking back through postings and it appears quite a few of you don't seem to worried about whether you get bru/bro or not because you are still discharged after 12 months from bankruptcy.
Now is it just me or are the restrictions still the same as original bankruptcy for entire length of bru/bro (if you have read my story "what a mess" you will see i am probably going to get one due to gambling). My question is if restrictions are the same ie not able move on financially to buy finer things in life new car, holidays, etc etc until bru/bro is finished then how is it beneficial when you are discharged after 12 months if you still have bru/bro in place.
Puzzled ?? |
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Jane.l
Average Member
511 Posts |
Posted - 04 February 2009 : 14:46:10
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What do you mean by "move on financially"? A BRO/U would not affect this in any way unless you are trying to get credit again.
A BRO/U does not affect your ability to pay an IPA, if you get IPA, that will last for 36 payments regardless of if get a BRO/U as well |
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coxy
New Member
United Kingdom
63 Posts |
Posted - 04 February 2009 : 15:11:53
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HI SCOTT
We went br yesterday and the wife is really worried about interview with OR Ive said whats the worst they could do to us a bru/bro for 15 years even though weve not done enough in my opinion other than extend ourselves too much too get one.
Ive told her i might even ask for one if it stops us ever getting credit again. |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 04 February 2009 : 16:04:43
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Sorry dont think i worded my question that well.
Basically what i meant is after discharge during the extended period of bro/bru do you still have to account for everything financially you earn, For example if your salary suddenly doubled during bro/bru period can your creditors try claiming some of it or are you basically free to do as you want with your money again ie holidays new car etc.
Hope thats a bit clearer.
Scott
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 February 2009 : 16:13:00
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Jane is right, a BRU/O will only affect you if you want to get credit again. To be honest an IPA isn't the end of world either. It only lasts for 36 months and is a lot less than paying credit cards and loans!
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 04 February 2009 : 16:18:16
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skippy13
Thanks for that,
just curious, do people find it immpossible to get a mortgage for example then while still on bru/bro
Scott |
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Jane.l
Average Member
511 Posts |
Posted - 04 February 2009 : 18:05:53
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| I think you would be hardpressed to get a mortgage in this current climate, I think even people with a clean credit rating and large deposit are the only people who could get one now but this will probably change with time. I would not be looking to buy a house right now with everything as it is |
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pix1
Average Member
689 Posts |
Posted - 04 February 2009 : 18:42:22
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You can look up all about bru/bro on the Insolvency Service website.
A bru/bro causes you to have the same undischarged bankrupt restrictions continuing for between 2 to 15 years AFTER discharge.
You can still keep any AFTER ACQUIRED assets you acquire following your normal 1 year discharge.
A bru/bro may be put on the credit files, I don't know.
A bru/bro will stay on the Insolvency Service website search until three months after it ends.
I think a bru/bro means you cannot do certain things - like an undischarged bankrupt cannot - the main one probably affecting most people being that you cannot try to get credit above £500 without stating you are bankrupt.
You might not get one, anyway.
Try to calculate how much of your debt is due to gambling. If it is under 20% (on telephone betting and internet betting, of course) you might not get one. If over, you might get one.
It is all hit and miss, anyway. Bad 'offenders' often don't get one whilst small scale offenders do.
Advice is don't mention it to OR that you think you might get one as it may only give them ideas...
You could be lucky and not get one. |
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pix1
Average Member
689 Posts |
Posted - 04 February 2009 : 18:48:27
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IMPORTANT.
Have you gone BR already?
If not, please be sure to declare on your bankruptcy forms that you have lost money gambling.
Of course, you only need to declare checkable losses (that is, transactions coming out of your bank account/s and going to, e.g., telephone or internet betting accounts.) Naturally you cannot be expected to accurately remember CASH betting in shops, etc. and therefore cannot put this down.
Good luck kicking the habit, by the way. |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 04 February 2009 : 19:09:07
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pix 1
you got me confused just when i thought i got how bru/bro works. You seem to be saying same restrictions apply during bro/bru as do during first 12 months bankruptcy, everyone else seems to say after first 12 months(when discharged)the bro/bru will only affect you if you want credit or certain positions in society otherwise you are free to earn as much as you want and you are free from creditors.
I am getting more confused by the minute HELP ???? |
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pix1
Average Member
689 Posts |
Posted - 04 February 2009 : 19:24:24
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Hi,
Sorry to confuse you.
Really, if you go to the link below it should tell you all about a BRO.
http://www.insolvency.gov.uk/guidanceleaflets/bro/bro.htm
A BRU is exactly the same thing except that it is agreed between the bankrupt and the OR without recourse to the court.
The examiners themselves use the Insolvency Service for guidance so you are getting it right from the horses mouth.
You can use their 'Search this site' tab to look up everything to do with your bankruptcy.
In your bankruptcy, your best friends are this forum and the Insolvency Service website.
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pix1
Average Member
689 Posts |
Posted - 04 February 2009 : 19:31:45
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P.S. the longer you hear nothing from the OR about a bru/bro, the better and if you get the 'EDREV' Early discharge letter accompanied by the Income Payment Order Questionnaire form BEFORE the OR says anything about a possible bru/bro then you probably will not be given a bru/bro at all. People usually get their IPOQ about 6 to 7 months into bankruptcy, but this can vary.
Have you not yet gone BR?
I'd say don't mention anything about a bru/bro. Play it by ear.
Make sure, as I said before, to accurately record your LOSSES from gambling which have come from internet or telephone betting or anything where money has left your bank account/s specifically and directly for gambling.
What are your gambling losses and what is your total debt?
By the way, the bankruptcy form only asks about gambling LOSSES and only from the past 2 YEARS. |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 04 February 2009 : 19:38:00
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Pix.
Thanks for your response.
sorry to push this but are you saying that after my discharge (12 months) i will still have to account during my extended bro/bru for all income etc and any above living expenses will still be taken off me, because this is opposite. to what others have said. |
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pix1
Average Member
689 Posts |
Posted - 04 February 2009 : 19:38:36
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P.P.S.
Just checked back through this thread and I want to reassure you that you can earn anything you want and keep it AFTER you are discharged EVEN IF subject to a bru/bro. This is, as I said, under the heading of AFTER ACQUIRED ASSETS.
The only proviso is that IF you also get an IPA/IPO - see this link;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/Introduction.htm
your income fluctuations after discharge might cause an increase or decrease in payments.
The dream scenario in bankruptcy is
1) Early Discharge
2) no bru/bro
3) no ipa/ipo
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 04 February 2009 : 19:42:06
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PHEWWWW !!
Yot got me worried for a mo, thanks for clarification
Scott |
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sott1967
New Member
United Kingdom
67 Posts |
Posted - 05 February 2009 : 17:46:07
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So just to make certain i have this right and sorry if i appear to be repeating myself.
If no ipa is put in place then following the initial 12 months bankruptcy i would be discharged and even if bru/bro is given to me for say 6 years i would be able to earn as much as i like and NOT have to account for it to OR anymore and neither can any creitors chase me for previous debt. Is that correct ?
Pix13 i have 35k of debt about 80% down to gambling and all fairly recent on credit cards and a bank loan. If you take a look at my full story "i am in a mess please help" you will see more detail.
Thanks
Scott |
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Topic |
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bro/bru is it a big deal ?
